1994-03-28 Regular Meeting - Laserfiche WebLink

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. . REQUEST FOR CITY COUNCIL AGENDA ITEM March 28, 1994 Agenda Date Requested: Requested By: Buddy Jacobs XXX Report Department: Resolution Parks & Rec Ordinance Exhibits: 1. Ordinance No. 2. Landlord's Waiver and Subordination Agreement SUMMARY & RECOMMENDATION The La Porte Livestock Show & Rodeo Association secured Bayshore Bank to purchase rodeo arena fencing and pens. and fencing were erected on the city's property. a loan from These pens Through the Landlord's Waiver and Subordination Agreement, the City acknowledges the Bank's security interest in the collateral used by the Association to secure the loan; i.e. the fencing and pens. The City agrees to disclaim any interest, privilege, or right in or to the collateral as long as there remains a sum owing to the bank by the Association. This agreement is terminated upon full payment to Bayshore Bank all outstanding funds owed by the Association. Staff recommends City Council authorize the City Manager to sign and execute this Landlord's Waiver and Subordination Agreement between the City of La Porte, the La Porte Livestock Show & Rodeo Association, and Bayshore Bank. Action Required by Council: Authorize City Manager to sign and execute the Landlord's Waiver and Subordination Agreement as recommended by Staff. Availability of Funds: General Fund Capital Improvement Other Water/Wastewater General Revenue Sharing Account Number: Funds Available: YES NO Approved for City Council Aqenda G?~ T, ~ Robert T. Herrera City Manager ~wlq-qlt Date